Bank of China participates in a USD $1.5 billion syndicated loan to San Miguel Corporation in June 2013
Commitment amount
$ 63170046.92263076
Adjusted commitment amount
$ 63170046.92
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (Singapore branch) [State-owned Commercial Bank]
Recipient
Philippines
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On June 3rd, 2013, San Miguel Corp signed a USD $1.5 billion syndicated loan contract with thirty-three banks, including Bank of China. Bank of China's Singapore, Grand Cayman, and Manila branches collectively contributed $56 million USD to the loan syndicate as a mandated lead arranger. Mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Maybank’s international and Philippines arms, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took $102.5m each. The other MLABs — Australia and New Zealand Bank, Bank of America Merrill Lynch, DBS, Standard Chartered and United Overseas Bank — received allocations of $78m. Among the MLAs, Rabobank was given $80m and ING $58m. Bank of China took a total of $56m, split between its Singapore, Grand Cayman and Manila branches. Chinatrust Commercial Bank — the Hong Kong and the Philippines branches — received a combined $56m, while HSBC and its Philippines branch took $50m. Lead arranger Export Development Canada got $50m, and First Gulf Bank got $44m. The remaining amount was divided among the 17 arrangers: Taiwan Cooperative Bank got $40m, Mega International Commercial Bank $36m, Chang Hwa Commercial Bank $27m and State Bank of India $22m, while Bank of East Asia, Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank and Taiwan Business Bank each took $18m. KEB Asia Finance received $9m, while Korea Exchange Bank (Hong Kong) took $4m. Yuanta Commercial Bank came in with $12m, and $10m each went to Bank of Kaohsiung, Cathay Bank and E.Sun Commercial Bank. This loan carried an interest rate of USD LIBOR plus a margin of 235 bps. The loan was oversubscribed from its $1.3 billion USD target. The proceeds were to be used to repay a $1bn five year loan taken in 2012, with the remainder to be used for general corporate purposes.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Malayan Banking Berhad (Maybank) [Private Sector]
Mizuho Corporate Bank, Ltd. (MHCB) [Private Sector]
Sumitomo Mitsui Banking Corporation [Private Sector]
ANZ Bank [Private Sector]
BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML)) [Private Sector]
DBS Bank [Private Sector]
Standard Chartered Bank PLC [Private Sector]
United Overseas Bank Limited (UOB) [Private Sector]
Rabobank [Private Sector]
ING Bank N.V. [Private Sector]
Chinatrust Commercial Bank [Private Sector]
HSBC [Private Sector]
Export Development Canada (EDC) [State-owned Bank]
First Gulf Bank (FGB) [State-owned Bank]
Taiwan Cooperative Bank [State-owned Bank]
Chang Hwa Commercial Bank Limited [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Bank of East Asia Limited (BEA) [Private Sector]
Bank of Taiwan [State-owned Bank]
First Commercial Bank Limited [Private Sector]
Land Bank of Taiwan Co., Ltd. (LBOT) [State-owned Bank]
Taichung Commercial Bank [Private Sector]
Taiwan Business Bank (TBB) [Private Sector]
KEB Asia Finance Limited (KEB Asia) [Private Sector]
Korea Exchange Bank (KEB) [Private Sector]
Yuanta Commercial Bank (Yuanta Bank) [Private Sector]
Bank of Kaohsiung (BOK) [Government Agency]
Cathay United Bank [Private Sector]
E.SUN Commercial Bank, Ltd. [Private Sector]
Hua Nan Commercial Bank, Ltd. (HNCB) [Private Sector]
Mega International Commercial Bank Co., Ltd. [Private Sector]
Direct receiving agencies [Type]
San Miguel Corporation [Private Sector]